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SYDNEY (MarketWatch) — Euro-zone finance ministers, the European Central Bank and the International Monetary Fund reached a deal early Tuesday in Brussels that is expected to see them release more financial aid to Greece.
The euro-zone finance ministers, known collectively as the Eurogroup, said in a statement that a worse macroeconomic situation and delays in implementing assistance have resulted in a weaker outlook for Greek government finances.
“Greece has shown that it is serious about reform,” and has kept to its commitments, European Commissioner for Monetary Affairs Olli Rehn said at a press conference after the long meeting.
“Greece has already come a very, very long way,” said Rehn.
The Eurogroup members said that the “necessary elements are now in place” for member states to approve a European Financial Stability Facility (EFSF) disbursement to Greece of 43.7 billion euros ($56.8 billion), with the formal go-ahead expected by Dec. 13.
Greece’s debt targets were also tweaked, with government debt now targeted to fall to 124% of gross domestic product by 2020, and to substantially less than 110% of GDP by 2022.
Eurogroup members said in a statement they are prepared to consider various measures to support Greece, including:
Lowering interest rates on the Greek Loan Facility by 100 basis points
Cutting guarantee costs for Greece’s EFSF loans by 10 basis points
Possibly deferring interest payments on EFSF loans by 10 years.
The Eurogroup said that the measures will not affect the creditworthiness of the EFSF, the euro bloc’s bailout fund.
IMF Managing Director Christine Lagarde said the measures “will help to bring back Greece’s debt ratio to a sustainable path and facilitate a gradual return to market financing.” |
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发表于 2012-11-26 11:16 PM
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发表于 2012-11-27 12:53 AM
